Wisdom they say is when you’re able to see the two sides of a coin. It’s when you can stand and see through different perception and angle before arriving at a conclusion. It’s being years since I ventured into the business world, as a consumer and also as a producer and it has taught me great lessons. These are lesson that can see you through life if inculcated. In this stage in my life, what I do is teach my students and readers the way to light, the way to becoming a successful entrepreneur. By exposing this seven commandments of business, that dream can be a reality.
When the real world of business was still strange to me, I made countless mistakes that cost me millions of money. A wise man once said that Ignorance is costly! Now I know what he meant. The seven commandments of business was breed out from my wealth of experience over the years in business. They are rules that I discovered while walking the path of financial freedom. Exposing this to you is giving you an undue advantage. If you know this today, it will make a whole difference in your career as a business owner. I wish I knew this when I started.
One of the reasons why businesses, especially here in Nigeria fail is because they made too many mistakes. Business is like a game, when you play by the rule, you win. But when you’re ignorant of it, you keep losing and unfortunately, in the business world, restarting isn’t easy.
THE SEVEN COMMANDMENTS OF BUSINESS
1. NEVER MAKE A CLIENT YOUR FRIEND
This is the rule I broke first. I was an amateur, an excited amateur. My first client really exploited me and whenever I remember our encounter, I just shake my head in disbelief. Sometimes I wish I can turn back the hand of clock. The excitement of getting my first clients made me act so formal and friendly.. It’s good to be friendly, but going formal breaks the rule. So, the first commandment states that your clients should never be your friend. Your friend also should never be your client. This is one of the seven commandments of business that will take you far in business.
2. TAKE CALCULATED RISK
One of my students asked me last week if it’s good to take risk. My reply was positive but specific. My reply was; “Don’t take risk, take calculated risk” Risk taking is one of the core attributes that makes entrepreneurship different from other walks of life. I know that risk exist in virtually everything, but entrepreneurs swims in risk. However, be analytic and calculative before taking a risk in whatever business. Delving blindly into a risk will drown you.
3. KILL YOUR CONSCIENCE
You heard me right. In business, you better make sure your conscience is dead or at home cause if not, you’ll soon fold up. I have seen people with angelic hearts kicked out of the marketplace because they were easily exploited. Don’t be too nice or under charge a client because they look wretched. In fact, those clients that looks hungry are usually the ones that pay more. Don’t feel pity cause your clients won’t if you do a bad job. I broke this commandment countless number of times and I paid dearly for it.
4. NEVER LEAVE MONEY IDLE
The reason why some business owners are getting richer while others are getting poorer is how they handled the extra buck, the profit. An entrepreneur who’s financially educated will invest the profit in a lucrative goldmine, thereby creating another stream of income that supports the business or perhaps, plough it back into the business. The other entrepreneur, who’s poor both mentally and otherwise will prefer the bank. A place where he’s assured of safety. Money wasn’t made to sleep, it was made to work. Keep it working.
5. DON’T BE SATISFIED
We are unsatisfiable. My mentor told me that when he started, he wanted to be earning an least, $50 daily. When he beat that target, he looked a bit higher and say; “well, $100 daily won’t be a bad thing.” He worked and was able to beat that about a year later. Guess what, he still aimed higher. Don’t ever be comfortable. There’s no limit to how much you can earn or achieve. Don’t restrict yourself.. Don’t be contented yet.. Keep climbing.
6. BE CAREFUL OF RELIGION
Irrespective of your religion, don’t ever get too emotional by donating your business finance or assets. I know a handful of entrepreneurs who failed today because they refused to reason with their brain. You’re free to donate from your own personal saving, never you involve your business to it. This might not go well with a lot of people, but I’ve got to say it. Most of these religious organization are existing just to exploit you.. To reap your money off.. Give them a chance, they will take your money and give you hope.
7. DON’T FORGET YOURSELF
Sometimes, we get so engrossed with our business that we end up suffering the impact. It’s good to change the world, but don’t forget yourself when doing that. The truth remains that no amount of money is enough. It’s never enough! Sometimes, give yourself a treat. Hang out with friends and family. Remember that one day, all those things will be left behind. That is when you will understand the true meaning of vanity. Enjoy life while you still can. The seventh commandments of business states that you should, please do.
The seven commandments of business is a tool that you must use as you journey the business world. They are like armour and weapon.. When you’re equip with it, you can conquer the world. But if you lack them, you’ll end up fighting for survival instead of success.